AP

KLM pays back last of Dutch government pandemic loans

Jun 30, 2022, 2:34 AM | Updated: 2:45 am

THE HAGUE, Netherlands (AP) — Dutch flag carrier KLM announced Thursday it is repaying the last portion of loans it got from from the Netherlands government and banks to help it survive when the COVID-19 pandemic threw global aviation into a tailspin.

The carrier is paying back 277 million euros ($290 million) to the government, the last outstanding loan out of a total of 942 million euros. KLM earlier this year paid back the rest of the loans to banks.

The announcement came a before day CEO Pieter Elbers is to be replaced by Marjan Rintel and against a backdrop of weeks of backups and canceled flights at Amsterdam’s Schiphol Airport as the busy aviation hub struggles with staff shortages also blamed on the pandemic.

“KLM colleagues battled their way through the COVID19-crisis in 2020 and 2021. The current operational situation at Schiphol is also demanding and again asks a great deal of our people and our customers. I’d like to sincerely thank everyone at KLM for their huge efforts,” Elbers said.

KLM slashed its workforce and cut costs to survive the pandemic and has seen air travel rebound since travel restrictions were eased, allowing it to fully pay back loans.

However, the carrier warned it is not yet out of the woods, with high inflation, rising costs, the war in Ukraine and ongoing COVID-19 infections casting a shadow over the future.

“As a result, KLM has decided to retain access to future credit” totaling 2.4 billion euros from the government and banks, but added that “current forecasts show that KLM has sufficient financial resources available for the years ahead.”

Earlier this month, the chief of the Air France-KLM airline alliance said it would take weeks or months to get new security staff in place to lighten pressure on the Amsterdam airport, which has seen flight cancellations, damaging delays and big travel headaches as global air travel rebounds from the COVID-19 pandemic.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Republican presidential candidates, from left, former Arkansas Gov. Asa Hutchinson, former New Jers...

Associated Press

3rd Republican presidential debate is set for Nov. 8 in Miami, with the strictest qualifications yet

The third Republican presidential debate will be held in Miami on Nov. 8, a day after several states hold off-year elections.

2 days ago

During the equinox, the Earth’s axis and its orbit line up so that both hemispheres get an equal ...

Associated Press

The fall equinox is here. What does that mean?

The equinox arrives on Saturday, marking the start of the fall season for the Northern Hemisphere. But what does that actually mean?

2 days ago

Ray Epps Ray Epps, an Arizona man who became the center of a conspiracy theory about Jan. 6, 2021, ...

Associated Press

Ray Epps, an Arizona man who supported Trump, pleads guilty to Capital riot charge

Ray Epps, the target of a conspiracy theory about the Jan. 6, 2021, attack, pleaded guilty on Wednesday to a misdemeanor charge.

4 days ago

Former President Donald Trump repeatedly declined in an interview aired Sunday, Sept. 17, 2023, to ...

Associated Press

Trump refuses to say in a TV interview how he watched the Jan. 6 attack unfold at the US Capitol

Former President Donald Trump repeatedly declined in an interview aired Sunday to answer questions about whether he watched the Capitol riot.

7 days ago

This frame grab from video, provided by the Mexican government, shows Ovidio Guzman Lopez being det...

Associated Press

Mexico extradites son of ‘El Chapo,’ Ovidio Guzman Lopez to US

The son of notorious cartel leader Joaquin “El Chapo” Guzmán, Ovidio Guzman Lopez was extradited to the U.S. on Friday.

8 days ago

impeachments in US history...

Associated Press

A look at notable impeachments in US history, including Texas Attorney General Ken Paxton

Texas Attorney General Ken Paxton was acquitted Saturday on during his impeachment trial. Here's a roundup of impeachments in U.S. history.

8 days ago

Sponsored Articles

Sanderson Ford...

Sanderson Ford

Sanderson Ford congratulates D-backs’ on drive to great first half of 2023

The Arizona Diamondbacks just completed a red-hot first half of the major league season, and Sanderson Ford wants to send its congratulations to the ballclub.

...

Ability360

At Ability360, every day is Independence Day

With 100 different programs and services, more than 1,500 non-medically based home care staff, a world-renowned Sports & Fitness Center and over 15,000 people with disabilities served annually, across all ages and demographics, Ability360 is a nationwide leader in the disability community.

...

DAY & NIGHT AIR CONDITIONING, HEATING AND PLUMBING

Here are the biggest tips to keep your AC bill low this summer

PHOENIX — In Arizona during the summer, having a working air conditioning unit is not just a pleasure, but a necessity. No one wants to walk from their sweltering car just to continue to be hot in their home. As the triple digits hit around the Valley and are here to stay, your AC bill […]

KLM pays back last of Dutch government pandemic loans